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Jakarta Post

Questioning rate of noncash payments

  • Haryo Kuncoro
    Haryo Kuncoro

    Research director at the Socio-Economic & Educational Business Institute (SEEBI)

Jakarta   /   Thu, February 6, 2020   /  10:32 am
Questioning rate of noncash payments A merchant displays a Quick Response Indonesia Standard (QRIS) on the left compared to a regular QR code on the right. The QRIS's pattern is more complex because it holds more coded data. (JP/Norman Harsono)

Indonesia’s payment systems entered a new era following Bank Indonesia’s (BI) implementation of the Indonesian QR Code Standard (QRIS). This noncash payment method based on the QR code applies to all server-based electronic money (e-money) payment applications, electronic wallets (e-wallets) and mobile banking. Under the QRIS, payment transactions become more efficient, financial inclusion is more quickly achieved, business activities can be more advanced and in the end can encourage economic growth. The above breakthrough shows that BI is always trying to accommodate recent financial technology developments in Indonesian payment systems. Hence, the QRIS is one of the implementations of the Vision of Indonesia’s Payment System 2025. However, the adoption of brand-new technology always faces the problem of stakeholder response, especially disruptive innovation t...

Disclaimer: The opinions expressed in this article are those of the author and do not reflect the official stance of The Jakarta Post.